Electric Vehicle Market Growth and Projections: A Comprehensive Analysis
The electric vehicle (EV) market has been growing at a remarkable pace in recent years. With the increasing awareness of environmental concerns and the need for sustainable transportation, the demand for EVs has been on the rise. In this blog post, we will take a closer look at the growth and projections of the EV market, including market size, EV market share, and market competition.
Market Size
The global EV market size has been expanding rapidly in recent years. According to a report by Allied Market Research, the global EV market size was valued at $162.34 billion in 2019 and is projected to reach $802.81 billion by 2027, growing at a CAGR of 22.6% from 2020 to 2027. The increasing demand for electric vehicles, coupled with government initiatives and incentives, is expected to drive the growth of the market.
EV Market Share
The EV market share has been steadily increasing over the years. According to a report by EV-volumes.com, the global EV market share was 2.5% in 2020, up from 2.2% in 2019. The report also states that the EV market share is expected to reach 10% by 2025 and 28% by 2030. This growth is attributed to the increasing affordability of EVs, the expansion of charging infrastructure, and the introduction of new models by automakers.
Market Competition
The EV market is highly competitive, with several players vying for a share of the market. The major players in the EV market include Tesla, Volkswagen, General Motors, Nissan, and BMW. Tesla is currently the market leader, with a market share of 16.2% in 2020, followed by Volkswagen with a market share of 9.9%. However, new players are entering the market, and existing players are expanding their EV offerings, leading to increased competition.
Conclusion
The growth and projections of the EV market are promising, with the market size expected to reach $802.81 billion by 2027. The increasing demand for EVs, coupled with government initiatives and incentives, is expected to drive the growth of the market. The EV market share is also expected to increase, reaching 10% by 2025 and 28% by 2030. However, the market is highly competitive, with several players vying for a share of the market. It will be interesting to see how the market evolves in the coming years and which players emerge as the market leaders.